Anyone striving to cope with their debts can welcome the news that the minimum bankruptcy threshold is being raised from £750 to £5000, as the government seeks to reserve insolvency orders for individuals with greater amounts of debt.

Britain’s total household debt, comprised of unsecured and secured liabilities, will soar from its current value of £1.574 trillion, to a staggering £2.251 trillion by the end of 2019, the Office for Budget Responsibility (OBR) has identified in its latest forecast within the Budget.

There are a number of merits to Christmas, namely the low prices, high spirits and celebratory atmosphere that comes with it each and every year. However, it is undeniable that it is also a period where our propensity for indulgence is exploited, and this can often lead to our finances severely tightening up in the winter months following 30 days of impulsive overspending.